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Transfer of Real Property to a Public Trust

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Michael Beason
Mon, Apr 5, 2021 7:08 PM

Greetings All,

I am dealing with a "repurposed" or "revitalized" 1984 municipal public trust formed under Title 60 O.S. Sections 176 to 180.4 and Title 11 O.S. Sections 40-101 to 40-115.  Both bodies of law were amended since '84.

Title 60 O.S. Section 176.1(E) allows the transfer of money from a municipality to a public trust of which it is the sole beneficiary.  Is the transfer of ownership of real property also permissible?

Still permissible if the beneficiary municipality has "no legal title, right or claim to the Trust Estate" or its income until termination of the Trust?

I find nothing ... thus far ... specifically allowing the public trust to sell any portion of the estate; however, there is a general grant of authority to stimulate economic development.

Under these conditions would the municipality need to receive adequate compensation for real property?

Thank you.

Greetings All, I am dealing with a "repurposed" or "revitalized" 1984 municipal public trust formed under Title 60 O.S. Sections 176 to 180.4 and Title 11 O.S. Sections 40-101 to 40-115. Both bodies of law were amended since '84. Title 60 O.S. Section 176.1(E) allows the transfer of money from a municipality to a public trust of which it is the sole beneficiary. Is the transfer of ownership of real property also permissible? Still permissible if the beneficiary municipality has "no legal title, right or claim to the Trust Estate" or its income until termination of the Trust? I find nothing ... thus far ... specifically allowing the public trust to sell any portion of the estate; however, there is a general grant of authority to stimulate economic development. Under these conditions would the municipality need to receive adequate compensation for real property? Thank you.